Weekly Economic Insights - 10 December 2018

Macro Highlights
-
12/12/2018

Highlights of the week

Economist insights: Rebound of the ISM indices and a still-healthy labour market in the US, stabilisation of PMIs in China and uncertainty surrounding the renewal of stock market equivalence in Switzerland

United States

Greater optimism of purchasing managers in November: increase in new orders

Low number of jobs created in November, but a still-dynamic labour market...

... with a stable wage growth and unemployment rate at 3.1% and 3.7%, respectively

China

Stabilisation of PMIs in expansion territory…

...and strong growth in exports in October and November...

.... back our scenario of a slight acceleration in GDP growth in the fourth quarter

Switzerland

Decision by the Federal Council not to sign the draft institutional framework agreement with the EU...

...before making its final position known in spring 2019 following a broad public debate

Uncertainty over the renewal of Swiss stock market equivalence granted by the EU

Focus eurozone: macroeconomic outlook

GDP growth could decelerate to 1.5% in 2019 and to 1.4% in 2020

Domestic demand would support economic growth

Exports would suffer from the appreciation of the euro

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